DaimlerChrysler Refinancing?

	Average interest	Book value	Book value
	rates 2006	Dec. 31, 2006	Dec. 31, 2005
	In %	Amounts in millions of €
Bonds/notes	5.71	45,636	47,432
Commercial paper	5.11	7,834	9,104
Liabilities to banks	4.88	16,835	17,472

DaimlerChrysler’s refinancing measures are primarily determined by the Group’s Financial Services activities. To cover the funding requirement, DaimlerChrysler makes use of a broad spectrum of financial instruments. Depending on the funding requirement and market conditions, DaimlerChrysler issues bonds, commercial paper and financial market instruments secured by receivables in various currencies. Credit lines are also used to cover financing requirements. The book value of the main refinancing instruments and the weighted average interest rates for the year 2006 are shown in the table below:

The financial instruments shown in the above table as of December 31, 2006 are mainly denominated in the following currencies: 56% in US dollars, 17% in euros, 8% in Canadian dollars, 4% in British pounds and 4% in Japanese yen.

The financial liabilities shown in the consolidated balance sheets, which in particular also include deposits from the direct banking business as well as liabilities from capital lease and residual-value guarantees, amounted to €78,518 million on December 31, 2006 (Dec. 31, 2005: €80,932 million). Of the financial liabilities, €73,462 million or 94% was accounted for by the Financial Services business (Dec. 31, 2005: €76,786 million or 95%). Detailed information on the amounts and terms of the financial liabilities is provided in Note 25 of the Notes to the Consolidated Financial Statements.

In 2006, DaimlerChrysler successfully issued benchmark notes denominated in US dollars and euros. There were also smaller issues of medium-term note programs in the form of private placements. In addition, we utilized the securitization of receivables, mainly receivables from the Financial Services business. Receivables were primarily securitized in the United States, but also in Canada and Germany. In 2006, DaimlerChrysler sold retail receivables in an amount of €15,860 million (2005: €11,575 million). Within the framework of a revolving credit facility for securitizing wholesale receivables, DaimlerChrysler also sold wholesale receivables in an amount of €32,373 million (2005: €33,922 million) to trusts and received proceeds of €32,373 million (2005: €33,892 million). With these transactions, the Group received income of €264 million in 2006 and €182 million in 2005. See Note 33 of the Notes to the Consolidated Financial Statements for further information on the sale of receivables.

At the end of 2006, DaimlerChrysler had short-term and long-term credit lines totaling €34.7 billion, of which €18.2 billion was not utilized. These credit lines include a US $18 billion credit facility with a syndicate of international banks. This credit facility comprises three tranches: The first tranche is a 5-year credit line maturing in May 2008, allowing DaimlerChrysler AG and various subsidiaries to draw a total of US $7 billion under this facility. DaimlerChrysler North America Holding can draw a total of US $6 billion under a 364-day facility maturing in May 2007. The third tranche is a 5-year credit line of DaimlerChrysler AG with a volume of US $5 billion. This credit line had an original maturity until December 2009. In December 2005 and 2006, we made use of our contractual option to extend this facility for another year, so that the credit line now matures in December 2011. For the period from December 2009 until December 2011, the volume of the third tranche is US $4.9 billion.

A part of this US $18 billion credit facility serves as collateral for borrowings within the commercial-paper program.

To support an asset-backed commercial-paper program in North America, a group of financial institutions has provided additional credit facilities, which were increased to a volume of US $6.3 billion in 2006 (2005: US $6.2) billion. These liquidity facilities can only be utilized by the trusts to which DaimlerChrysler sells receivables under this program.

The liquid reserves, short-term and long-term credit lines and the possibility to generate cash inflows by securitizing receivables give the Group sufficient financial flexibility of more than €50 billion to cover its refinancing needs at any time.